Start using this Workflow
Insurance Review Checklist
General Liability Insurance
Verify the policy coverage includes property damage and bodily injury.
Check if the policy limit meets or exceeds the minimum requirement.
Ensure the policy covers all areas and activities of the property management.
Review the policy for any exclusions that may affect the properties managed.
Property Insurance
Confirm the coverage includes all owned and managed properties.
Review the adequacy of coverage limits based on the current value of properties.
Check for coverage of natural disasters relevant to the geographical location.
Ensure that the insurance policy includes business interruption coverage.
Workers' Compensation
Confirm that the policy meets the statutory requirements of the state.
Check that all employees and contractors are covered under the policy.
Review the experience modification rating and its impact on premium costs.
Verify that the policy includes Employer's Liability Insurance.
Professional Liability (Errors & Omissions)
Ensure that the policy covers claims arising from professional services provided.
Verify the limit of liability to confirm it is adequate for the organization's size.
Review the retroactive date to ensure coverage for past services rendered.
Check for any exclusions that might affect coverage for typical property management tasks.
Umbrella/Excess Liability Insurance
Confirm that the umbrella policy provides coverage over the underlying liability policies.
Review the additional limits provided by the umbrella policy for adequacy.
Verify that all underlying liability policies are maintained as required by the umbrella coverage.
Check for any gaps between the underlying policies and the umbrella coverage.
Directors and Officers Liability
Verify that all directors and officers of the property management company are covered.
Review the policy for coverage of defense costs and settlement fees.
Check the policy for any exclusions that could leave directors and officers personally exposed.
Ensure the limit of liability is sufficient to protect the personal assets of the directors and officers.
Cyber Liability Insurance
Assess if the policy covers both first-party and third-party cyber liability exposures.
Ensure coverage includes data breach response and notification costs.
Check if the policy provides coverage for cyber extortion and data restoration.
Review the policy for any requirements regarding cybersecurity measures that must be in place.
